Good afternoon folks, happy almost-Thursday. The newscycle is starting to pick up as we come close to the end of this businessweek in Om El Donia.
THE BIG STORY TODAY
Gov’t is working to get the SFE’s industry sub-fund off the ground: The government is working with seven local investors across different industries to launch the Sovereign Fund of Egypt's (SFE) industry-focused sub-fund, Planning Minister Hala El Said told Al Masdar on the sidelines of the joint annual meetings of Arab financial institutions.
Some of the discussions underway: The government is in talks with feeder industries to feed the National Egyptian Railway Industries Company’s (NERIC) manufacture of railway and train supplies. In the meantime, discussions with industries focused on food, engineering, and building materials will wrap up in June, paving the way for a project launch in July.
Gov’t could also be making headway on the Wataniya stake sale: State-owned fuel retailer Wataniya has received seven international and local acquisition offers, El Said told Asharq Business. The government is reportedly filtering the offers for the long-awaited stake sale and will select one soon.
That’s more than double the offers than we knew of: Prime Minister Mostafa Madbouly held a meeting back in February to look at offers submitted for Wataniya. Last we heard, there were three final offers remaining on the table for a 30% stake in the company, according to unconfirmed local media reports.
ICYMI: Taqa Arabia — in which the military’s National Service Projects Organization (NSPO) holds a 20% stake — is the only firm to have publicly declared interest in the filling station operator, and Shell has reportedly also made a bid. Wataniya has been on the market for the last four years.
THE BIG STORY ABROAD
Israel has recalled its ambassadors to Spain, Ireland, and Norway after the three European countries pledged that they would recognize Palestinian statehood, joining around 140 countries around the world that already recognize a Palestine state. Israeli Foreign Minister Israel Katz decried the trio’s decision, saying that “Ireland and Norway intend to send a message to the Palestinians and the whole world today: Terrorism pays,” he said in a statement prior to Spain’s announcement that it too would recognize the state of Palestine. Irish Prime Minister Simon Harris said he was “confident” that more nations would soon follow suit. (Bloomberg | FT | Reuters)
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What we can expect next from the economy and decision makers: We had a chat with HSBC’s Simon William on rate cuts, what his clients are asking about Egypt, and how he sees things unfolding from here.
EGX-listed fintech giant e-Finance has acquired minority stakes in two digitalpayment companies, Al Ahly Momkn and EasyCash for Digital Payments. Al Ahly Pharos acted as the exclusive sell-side advisor for Al Ahly Momkn co-founders in the transaction, the investment bank said in a statement today (pdf).
☀️ TOMORROW’S WEATHER- The heat wave continues, bringing us a high of 40°C and astill-warm low of 31°C in Cairo, according to our favorite weather app.
Are we doing too much at work? We may be flooded with emails and heading to back-to-back meetings, but is that what being productive means? Cal Newport, a Georgetown University computer science professor, thinks that we got the traditional meaning of productivity all wrong.
“Slow productivity” for higher-quality outcomes: Newport advocates for “slow productivity,” which encourages individuals to do less, work more efficiently, and also get the chance to just slack off sometimes. This avoids burnout and is more likely to result in higher-quality — albeit “less” — work. To achieve this he shared four pointers with The Wall Street Journal that lead to “happier high performing.”
#1- Less is more. Apparently, work shouldn’t have to be stressful. Oftentimes, an employee is given too many projects to the point where their working hours seem to fully revolve around administrating and planning rather than completing the project. According to Microsoft, employees spend an average of two full work days a week in meetings (we are looking at you).
Newport believes prioritizations need to be made. Both managers and peers should be able to view the list of priorities to understand the pipeline and consider where (or whether) an additional task should be placed.
#2- Be blunt. Identify and share how much a task will take, as well as when you’ll be able to have that time to complete it. Now, just to be clear, these work tasks aren’t a favor that you’re doing for your boss, so don’t make it seem that way. Instead, highlight your efforts to remain efficient so that all the work gets done.
But what will my boss think? Newport says “We think bosses want someone who’s always accessible — fast to respond, fast to jump into action. But what bosses really want is to know that a project they hand you will get done.”
#3: Just give yourself a break. This isn’t quiet quitting, it’s just picking times to slow down. According to Rachel Feintzeig, The Wall Street Journal’s Work & Life columnist, we aren’t supposed to work at 100% every day without seasonal pauses. She says 85% is the magic productivity number to produce your best work.
#4: Come into your power. This is easier said than done, but what gives you control is being really good at your job.Newport adds, “The more you shed the work that doesn’t matter and spend that time getting better at the stuff that does, the more leeway you’ll get.”
Stepping into the murky world of Hollywood's underbelly in Last Looks. Directed by Tim Kirkby and based on Howard Michael Gould's novel, the film embarks on a journey filled with showbiz sensationalism, biting commentary, and a touch of genre revisionism.
Charlie Waldo (Charlie Hunnam) is a former LAPD detective living in seclusion due to a past case that went awry. He is drawn back into the world of investigation when his ex-flame Lorena (Morena Baccarin) presents him with an intriguing case involving the death of a famous TV actor’s wife — seeking redemption, Waldo reluctantly agrees to investigate.
Waldo delves deeper into the investigation navigating through a web of deception, encountering old rivals, industry figures, and assorted characters including the eccentric Hollywood actor Alastair Pinch (Mel Gibson), who becomes a prime suspect in his wife’s murder.
The film is a thrilling blend of classic detective noir and modern satire, filled with twists, turns, and unexpected revelations that will keep audiences engaged. In the end, it may not reinvent the wheel of the Hollywood murder mystery genre, but it certainly offers an entertaining ride through the glitzy and gritty streets of Los Angeles, leaving viewers eagerly anticipating Waldo's next adventure.
⚽ Two dreams, one trophy. The Europa League is coming to a close tonight at 10pm, with Atalanta facing Bayer Leverkusen to decide who will be hoisting the UEFA Cup. The Orobici are hoping to end their 61-year trophyless drought, in effect since securing the Coppa Italia in 1963. On the other hand, Leverkusen is experiencing an exceptional year, taking home the Bundesliga title for the first time just last week, after no losses all season. The team is hoping their lucky streak carries over to help secure their second UEFA Cup, which they last lifted in 1988.
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?EAT THIS TONIGHT-
The feteer and crepe fusion was one we didn’t know we needed: E lfrepe fuses crepe and feteer dough, then stuffs it with either sweet or savory fillings. Just like the fusion of the two types of dough, the fillings are both oriental and western-inspired. For example, the Sujuk Pro Max frepe offers the delicious oriental flavor of sujuk paired with a filling four-cheese mix and eshta.
If you love spicy food, go for the Chicken Volcano frepe, which features buffalo fried chicken topped with mozzarella cheese, cheddar cheese, and ranch sauce. The crunch factor and the generous filling made it a crowd favorite.
They don’t only serve frepes, they also serve… Freburgers. The same frepe dough is used to create burger buns for smash burgers, as well as seafood, steak, and chicken sandwiches. We’d recommend the smashed Freburger with smoked sauce.
Want to add a bit of shimmer to your meal? Order the Taaweeza. It's a glitter-filled drink that makes for a great photo opp, but otherwise is nothing more than shiny grape juice.
Tonight is your last chance to attend The National Museum of Egyptian Civilization (NMEC)’s Empower Her Forum. The forum is meant to promote creative empowerment for women in the art community, hosting women artists from around the world. More information is available on their Facebook page.
Don’t miss your chance to be part of the future of design at The Design Show in CairoInternational Conventions Center from today through to Friday, 24 May. Attracting over 20k industry professionals, architects, interior designers, furniture manufacturers, and design solution providers alike will converge to unveil their latest innovations. Register your interest to visit here.
Is nighttime running on your bucket list? The TriFactory and Palm Hills Developments are bringing you The Glow Run this Friday, 24 May for a 5k run through the landscapes of 6 October golf course with UV lights and neon signs to guide you — with a special guest DJ making an appearance at the start and finish line. Register here to get in on the fun.
Shababco is celebrating its third birthday with a bazaar on Friday, 31 May at ZED Park.This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion. In addition to the bustling bazaar, enjoy live performances throughout the day from both up-and-coming and well-known local artists. Stay tuned to their Instagram for when their tickets drop.
Can’t sleep? Neither can Rawabet Art Space with Kenoma Theatre Company’s Insomnia from tomorrow until Saturday, 25 May. Written and directed by Moustafa Khalil and adapted in Arabic by Ahmed El Shamaa, this comedy-horror play explores the struggles of an individual battling sleeplessness. Get your tickets here.
The Flower Exhibition opened its doors on 19 May in the Agricultural Museum in Dokki and will continue for a month. 200 companies and more will be presenting a wide array of plants and flowers. They will be accepting visitors daily from 9am to 9pm.
Zawya’s Cairo Cinema Days is back: Zawya’s film program is a showcase of the latest and most prominent productions in Arab cinema within the past year. All through July 31, you can watch films from Palestine, Lebanon, Tunisia, Saudi Arabia, Jordan, Morocco, Sudan, and Egypt. You can find more information on this month’s film selection here.
HAPPENING LATER-
Fusing Lebanese and Egyptian music, Disco Beirut will be performing at CJC with tunes from the '70s to the '00s all night long on Wednesday, 29 May. For reservations message their Facebook page.
Egyptian rapper Marwan Moussa will perform with Jordanian singer Aziz Maraka on Thursday, 30 May at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app. (Zed Park Tickets | Online Tickets)
Brazilian DJ/Producer Mochakk will be performing at Saqqara Pyramids on Thursday, 30 May. This performance is part of his world tour, calling on different cities to perform including New York and Dubai. Get your tickets here.
For all you MMA enthusiasts, get ready for an adrenaline-pumping night with QADYA 04 at Madinaty Golf Club on Friday, 31 May. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here.
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? UNDER THE LAMPLIGHT-
The Cemetery of Untold Stories by Julia Alvarez follows the emotional narratives left unsaid. The tale is about a successful author, Alma Cruz, who achieved her long-time literary fame in the United States. Alma realizes that she’s had enough of fame and decides to head back to her homeland, The Dominican Republic, to bury her unpublished books — literally. She finds the plot of land and begins building the graveyard.
But things don’t go as planned. The characters from her stories refuse to disappear, and they begin telling their own narratives. Re-writing and revising elements of the unpublished books. A local woman, hired as the groundskeeper, becomes their sympathetic listener. Alma’s first-person narrative is pushed to the side as the trapped voices are set free.
The book is the perfect balance of somber and joyous with a mix of modern and classic tones. Julia Alvarez “swirls the elements of folklore and the flavor of magical realism around her modern prose,” according to The New York Times.
The EGX30 remained flat at today’s close on turnover of EGP 4.0 bn (17.3% below the 90-day average). International investors were net sellers. The index is up 9.4% YTD.
In the green: Edita (+7.0%), Orascom Development Egypt (+6.5%), and Heliopolis Housing (+4.2%).
In the red: Abu Qir Fertilizers (-2.9%), Mopco (-2.3%), and AMOC (-2.2%).
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